ArmInfo. In quantitative terms, the import of oil derivatives in Armenia dropped by 8.3% to 298 thsd tons, while in value terms the import declined by 33.7% to $213.4 mln versus $322.1 mln a year before. The decline was due to the continuous reduction in the prices on the oil derivatives market, the Customs Service of Armenia reports.
The source says that in 2015 the export of oil derivatives totaled 210.1 thsd tons worth $156.5 mln. In quantitative terms, in 2015 the export of oil derivatives dropped by 44.4%, and in value terms - by 35.5% (from $242.5 thsd a year before).
The oil derivatives are mostly imported from Russia, Romania, Greece and Israel. The products are exported mainly to Iran.
Armenia has no raw materials base of its own, but it has an intergovernmental agreement with the Russian Federation regarding duty-free supplies of oil derivatives. In 2016, according to the new indicative balance, Russia will supply 136 thsd tons of duty-free petroleum to Armenia, including 120 thsd tons of Russian-made petroleum. In addition, Armenia will receive 150 thsd tons of Russian-made diesel fuel (including 120 thsd tons of Russian-made diesel fuel), 47 thsd tons of fuel for jet engines, (including 8 thsd tons of Russian-made fuel), as well as 200 thsd tons of Russian-made paraffin oil.
The indicative balance is approved for each year in compliance with the Armenian-Russian intergovernmental agreement dated 2 Dec 2013, which implies no re-export.